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The Fokker Chronicles

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World Markets:
Most of Europe was mixed in mid day trading. Asian appeared quiet as well with the Japanese Nikkei finishing up 0.12% and the Hang Seng closing positive up 0.14%. US markets were slightly weaker following an Ebay(EBAY:NASD) sluggish earnings report and a late finish to game 7 of the World Series, oops, I mean American League Championship series.

Heads-up:
Lookout for the University of Michigan confidence number for October at 9:50amEDT. Bloomberg's survey is looking for 88.20. Option expiration today with very little on the earnings front for today. Check out Monday when 3M(MMM:NYSE), Check Point Sftwre(CHKP:NASD), Citigroup(C:NYSE), Lexmark(LXK:NYSE), Southwest(LUV:NYSE), Altera(ALTR:NASD) and Texas Instruments(TXN:NYSE) report.

Brokerage Chatter:
Friedman Billings Ramsey upgraded VeriSign(VRSN:NASD) to market perform from underperform and raised their target to $15 from $10. Goldman Sachs downgraded Office Depot(ODP:NYSE) to in−line from outperform. UBS downgraded Micron(MU:NYSE) to neutral from buy and cut its price target to $13 from $19.Thomas Weisel upgraded Danaher(DHR:NYSE) to outperform from peer perform.

Wachovia downgraded Baxter(BAX:NYSE) to market perform from outperform. Bear Stearns downgraded Greenpoint Financial (GPT:NYSE) to peer perform from outperform. Broadcom(BRCM:NASD) was cut to sell at Solomon Brothers.
Prudential downgraded Sears(S:NYSE) to neutral-weight from overweight. However Deutsche upped Sears. Fairchild Semi(FCS:NYSE) was upped to outperform at Raymond James. Advanced Micro(AMD:NYSE) was downgraded at Soundview but was upgraded over at Deutsche. Solomon initiated Schwab(SCH:NYSE) with a buy rating. RBC Capital upgraded Nextel(NXTL:NASD) to outperform from sector perform and raised their target to $26 from $19.


Financial Headlines:
Stories :
Bloomberg reports that the Fed's Stern sees jobs picking up in the next 6 months. Stern said that he expects the economy to grow "reasonably rapidly' over the next couple of quarters, attributing that to the somewhat healthy consumer spending pickup and a "bigger kick" from business spending, inventory rebuilding and higher exports.

The Wall Street Journal reported this morning that the SEC has plans to consider revising its rules governing short-selling of the most actively traded stocks and may temporarily lift some restrictions regarding those sales.

AMG data cites equity funds reporting net cash inflows totaling $1.76 billion for the week ended 10/15/03 with over half of that going to Domestic Aggressive and Small Cap Growth funds.


Earnings:
eBay(EBAY:NASD) reported in line last night with revenues slightly above consensus. Ebay said it sees its estimates for 2004 below consensus.
Broadcom(BRCM:NASD) beat by a penny and guided its 4th quarter revenues above consensus.
XL Capital(XL:NYSE) warned for this 3rd quarter.
DoubleClick(DCLK:NASD) beat the street by a penny.
Advanced Micro(AMD:NYSE) beat the street by $0.27
Xilinx(XLNX:NASD) beat by a penny and missed on revenues.
CNET(CNET:NASD) beat by $0.02
Fairchild Semi(FCS:NYSE) beat by $0.04 and guided estimates above consensus.
PMC-Sierra(PMCS:NADS) beat by a penny.
Sun Microsystems(SUNW:NASD) missed by $0.01



Around the world in 80 ticks:
Washington Post reports that US Senators voted last night to convert half of the $20.3billion that was earmarked for Iraq to a loan.

Reuters reports that according to remarks made to an Israeli newspaper today, Israeli PM Sharon said that he is opposed to exiling Arafat and stated that it would not be in the best interest for Israel.

According to a Washington Times article, a key Al-Qaeda terrorism suspect was in Canada looking for nuclear material in an effort to build a "dirty bomb." AP newswires reports that Adnan El Shukrijumah is currently being hunted by the FBI and CIA in connection with a plot to detonate a dirty bomb.

Congrats to the Yanks for their come from behind victory late last night earning them a ticket to what could quite possibly be the most anticlimactic World Series in history when they face off with the Florida Marlins this Saturday night. Must hand it to Boston as the Red Sox put the fear into the hardest of Yankee diehards and took game 7 to the 11th inning. Yankee 3rd baseman, Aaron Boone led off the 11th with a "walkoff" homerun and won it for the Yankees 6-5 in a game that was for the ages.

Have a terrific weekend.

Fokker

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No positions in stocks mentioned.
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